7 Millennial Money Struggles — And How To Start Dealing With Them

Serah Louis  Sat, February 13, 2021

Americans are carrying about $1.7 trillion in student debt and millennials hold a large portion of that figure. As President Biden touts plans and priomises for student loan forgiveness, millennials wait with bated breath for much-needed relief.  Student loans play a huge part, but there are more financial worries that plague millennials. These struggles have been made considerably worse as COVID-19 continues to decimate several industries.

But, whether it’s the student loans or mortgage payments, there are plenty of ways to start getting your financial problems under control while starting to save for the future. Here are seven common millennial money hardships — and what you can do about them.

1. Financial crises and fallen wages

Millennials have experienced not one, but two financial crises – the Great Recession of 2008 and the economic downturn prompted by COVID-19.

With an unprecedented number of business closures and layoffs in 2020, plenty of millennials are out of work, or employed with lower wages and poor job security. The 2008 financial crisis has also made it more difficult for the generation as a whole to amass a decent amount of savings.

If you need a side-gig to support your current job, try using an online marketplace where you can post your services to cater to businesses around the world. You can also make money on the side by renting out unused space in your home, or earn rewards when you do your groceries and shop online.

2. Still paying off student loans

The rewards of holding a degree don’t always offset the tuition and board fees (they’ve been upped by over 25% in the past decade) and some graduates are regretting the expenses.

An EducationData.org report shows that student loan debt hit almost $1.6 trillion in 2020. And over a quarter of millennials say college “definitely” wasn’t worth the debt, according to a Morning Consult survey.

Make sure to check whether you qualify for an income-driven repayment plan or public service loan forgiveness. If not, consider refinancing or rolling all your debts into a consolidation loan.

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https://finance.yahoo.com/news/7-millennial-money-struggles-start-200000765.html